Adjustments to Financial Statements
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Steel Dynamics Inc. pages available for free this week:
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Operating Profit Margin since 2005
- Current Ratio since 2005
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Adjustments to Current Assets
Steel Dynamics Inc., adjusted current assets
US$ in thousands
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| As Reported | ||||||
| Current assets | ||||||
| Adjustments | ||||||
| Add: Allowances for credit losses | ||||||
| After Adjustment | ||||||
| Adjusted current assets | ||||||
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
The financial data exhibits a consistent upward trend in current assets over the five-year period. Both the reported current assets and the adjusted current assets follow a similar trajectory, indicating stability and reliability in adjustments.
- Current Assets
- Current assets increased steadily from approximately 3.51 billion US dollars at the end of 2017 to around 6.90 billion US dollars by the end of 2021. This represents a near doubling over five years, signifying growth in liquid and short-term asset holdings.
- Adjusted Current Assets
- Adjusted current assets mirror the trend displayed in the reported current assets, with values slightly higher each year. This suggests minor upward adjustments were consistently applied, possibly for revaluation or to reflect more accurate asset liquidity. The adjusted figures also rose from about 3.52 billion in 2017 to about 6.91 billion in 2021.
The overall pattern indicates strong asset growth and an increase in short-term resource availability. The close alignment between reported and adjusted values points to sound accounting practices with minimal discrepancies. This growth pattern could reflect positive business expansion, improved asset management, or favorable market conditions supporting asset accumulation.
Adjustments to Total Assets
Steel Dynamics Inc., adjusted total assets
US$ in thousands
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »
- Total assets
- The total assets exhibited a consistent upward trend over the five-year period. Starting at approximately 6.86 billion US dollars at the end of 2017, total assets increased steadily each year, reaching about 12.53 billion US dollars by the end of 2021. This represents an overall growth of approximately 83% over the period, indicating expansion in the company's asset base.
- Adjusted total assets
- Adjusted total assets followed a similar increasing trajectory as total assets. Beginning at roughly 6.92 billion US dollars in 2017, adjusted total assets rose gradually each year and stood close to 12.54 billion US dollars at the conclusion of 2021. The parallel movement between total assets and adjusted total assets suggests consistency in the adjustments applied, with an overall growth pattern mirroring the total assets increase.
Adjustments to Total Liabilities
Steel Dynamics Inc., adjusted total liabilities
US$ in thousands
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 Operating lease liability (before adoption of FASB Topic 842). See details »
2 Deferred tax liabilities. See details »
The analysis of the financial data spanning from December 31, 2017, to December 31, 2021, reveals a consistent upward trend in the total liabilities of the company over the five-year period.
- Total liabilities
- The total liabilities increased steadily each year. Beginning at approximately 3.55 billion US dollars in 2017, total liabilities rose to about 3.82 billion in 2018 and further to around 4.21 billion in 2019. The upward trajectory continued with total liabilities reaching close to 4.92 billion in 2020, culminating in a significant increase to approximately 6.21 billion by the end of 2021. This pattern indicates a growth in the company's obligations over time, with the most notable annual increase observed between 2020 and 2021.
- Adjusted total liabilities
- Adjusted total liabilities, which may account for certain recalculations or exclusions, also display a steady increase over the analyzed period. Starting at about 3.29 billion US dollars in 2017, this figure rose incrementally each year to roughly 3.45 billion in 2018, 3.73 billion in 2019, and 4.38 billion in 2020. The adjusted liabilities increased more markedly in 2021 to approximately 5.36 billion. The growth in adjusted total liabilities parallels the trend observed in total liabilities, reflecting expanding financial commitments after adjustments.
Overall, the persistent rise in both total and adjusted total liabilities suggests expanding financial leverage or increased borrowing by the company. The more pronounced increments between 2020 and 2021 point to a potentially accelerated accumulation of liabilities in the most recent year of the data span. This pattern warrants further investigation into the company's capital structure, debt management strategies, and the factors driving these increases to assess potential impacts on financial stability and solvency.
Adjustments to Stockholders’ Equity
Steel Dynamics Inc., adjusted total Steel Dynamics, Inc. equity
US$ in thousands
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 Net deferred tax asset (liability). See details »
The analysis of the provided financial data reveals an overall positive trend in equity-related metrics over the five-year period ending in 2021.
- Total Steel Dynamics, Inc. equity
- This measure consistently increased each year, rising from approximately 3,351,574 thousand US dollars at the end of 2017 to 6,304,641 thousand US dollars by the end of 2021. The growth rate appears to accelerate notably in the period from 2020 to 2021.
- Adjusted total equity
- Adjusted total equity also exhibited a steady upward trend throughout the period. Starting at roughly 3,627,293 thousand US dollars in 2017, it increased to approximately 7,181,237 thousand US dollars in 2021. The increase was consistent year-over-year, with the most pronounced jump occurring in the final year.
Both metrics reflect strengthening equity positions, with adjusted total equity consistently exceeding the reported total equity values, indicating potential modifications or adjustments that enhance the interpretation of the company's equity base.
Overall, the data depict a robust and improving financial position with equity levels nearly doubling over the period examined. This growth suggests improved capital structure, retained earnings accumulation, or other equity capital enhancements contributing to greater shareholder value.
Adjustments to Capitalization Table
Steel Dynamics Inc., adjusted capitalization table
US$ in thousands
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 Operating lease liability (before adoption of FASB Topic 842). See details »
2 Lease obligations under operating leases (included in Accrued liabilities). See details »
3 Lease obligations under operating leases (included in Other liabilities, noncurrent). See details »
4 Net deferred tax asset (liability). See details »
The financial data over the five-year period reveals distinct trends in the company’s debt, equity, and total capital, both reported and adjusted.
- Total Reported Debt
- This metric shows a gradual increase from 2,381,940 thousand US dollars in 2017 to 3,105,876 thousand US dollars in 2021. The increase is consistent, with notable growth between 2019 and 2020, indicating a rising reliance on debt financing over the period.
- Total Reported Equity
- Equity has experienced a substantial upward trend, rising from 3,351,574 thousand US dollars in 2017 to 6,304,641 thousand US dollars in 2021. The growth accelerated notably between 2020 and 2021, suggesting an increase in retained earnings, capital injection, or valuation improvements.
- Total Reported Capital
- Reported total capital, representing the sum of debt and equity, has steadily grown from 5,733,514 thousand US dollars in 2017 to 9,410,517 thousand US dollars in 2021. This reflects the combined effect of increases in both debt and equity, showing an overall expansion of the company’s financial base.
- Adjusted Total Debt
- The adjusted total debt mirrors the reported debt closely, increasing from 2,429,040 thousand US dollars in 2017 to 3,205,950 thousand US dollars in 2021. The adjustment slightly raises the debt levels, but the upward trend remains consistent, indicating increased financial leverage.
- Adjusted Total Equity
- Adjusted equity reveals a strong upward trend from 3,627,293 thousand US dollars in 2017 to 7,181,237 thousand US dollars in 2021. The pace of increase is significant, particularly in the final year, confirming the trend observed in reported equity but on a larger scale.
- Adjusted Total Capital
- This measure also reflects steady growth from 6,056,333 thousand US dollars in 2017 to 10,387,187 thousand US dollars in 2021. The adjusted total capital growth rate surpasses that of reported total capital, highlighting the impact of adjustments applied in financial reporting or valuation methodologies.
Overall, the data indicates consistent growth in the company’s capital base, driven primarily by significant increases in equity. The debt levels have also grown steadily but at a more moderate pace relative to equity. The adjusted figures confirm and slightly amplify these trends, suggesting that the adjustments made lead to higher valuations of both debt and equity components. The financial posture over the period suggests an expansion strategy supported by increased capital investments and moderate leverage.
Adjustments to Reported Income
Steel Dynamics Inc., adjusted net income attributable to Steel Dynamics, Inc.
US$ in thousands
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 Deferred income tax expense (benefit). See details »
The financial data indicates fluctuations in both net income attributable to the company and adjusted net income over the five-year period ending December 31, 2021.
- Net Income Attributable to Steel Dynamics, Inc.
- There is an initial increase from 812,741 thousand US dollars in 2017 to 1,258,379 thousand in 2018, reflecting a significant improvement. However, this is followed by a notable decline in 2019, falling to 671,103 thousand, and further decreasing in 2020 to 550,822 thousand. In 2021, there is a substantial rebound, with net income rising sharply to 3,214,066 thousand, which represents the highest value in the observed period.
- Adjusted Net Income
- The adjusted net income follows a generally similar trend. It rises from 666,471 thousand in 2017 to a peak of 1,317,808 thousand in 2018. Subsequently, it decreases to 724,295 thousand in 2019 and to 620,295 thousand in 2020. In 2021, adjusted net income sharply increases to 3,559,390 thousand, surpassing previous highs observed in the dataset.
Overall, the period shows volatility with earnings peaking in 2018 before declining over the next two years, then recovering significantly in 2021. The growth in 2021 suggests possible favorable market conditions or operational improvements. The difference between net income and adjusted net income is generally consistent, with adjusted figures being slightly lower or higher at certain points, likely reflecting adjustments for non-recurring items or other factors affecting reported income.